The Asia Pacific stretch and shrink wrap market size witnessed significant growth in the past and is expected to grow at a CAGR of 5.7% during the forecast period (2022-2030).
Stretch wrap is a thin, flexible plastic sheet to lock and secure cased items onto a pallet. It is commonly constructed of polyethylene. When heated, shrink wrap can be used to cover products loosely. Once heated, the shrink wrap secures the goods.
Industry-specific applications drive the Stretch and Shrink Wrap Market. Shift towards sustainable alternatives act as restrain for this market. On the other hand, demand for product visibility and shelf appeal act as opportunities for the Stretch and Shrink Wrap market.
Beyond standard packaging, stretch and shrink wrap have been used in the logistics, pharmaceutical, and food and beverage industries. Stretch and shrink wrap, for instance, are used in the logistics industry to palletize and secure products during shipping. These components safeguard the integrity of the product in the pharmaceutical sector and prevent tampering. Manufacturers can investigate market prospects specific to those industries by creating specialized stretch and shrink-wrap solutions catering to the specific needs of certain sectors.
Stretch and shrink wrap are giving way to more environmentally friendly packaging options as demand for eco-friendly solutions increases. Due to their lower environmental impact, biodegradable, compostable, and recyclable packaging choices are becoming increasingly popular. If manufacturers don't adopt more environmentally friendly procedures, this tendency may limit the growth of the traditional stretch and shrink wrap business.
Brand awareness and consumer attraction are greatly aided by packaging. Stretch and shrink wrap that is transparent and aesthetically pleasing can increase a product's exposure while showcasing its qualities and characteristics. Manufacturers can use this chance by providing creative stretch and shrink-wrap choices with improved branding and print options. As a result, businesses can successfully engage with customers and differentiate their items on store shelves.
The Asia Pacific stretch and shrink wrap market is segmented based on Type, Product, Distribution Channel, and Country.
Based on material, the market is segmented by Hoods, Sleeves, Labels, and Wraps.
Sleeves and Labels dominated the market and are expected to register a CAGR of 6.4% over the forecasted period.
Based on Resin, the market is segmented by LLDPE, LDPE, PVC, and Others.
LDPE dominated the market and is expected to register a CAGR of 5.4% over the forecasted period.
Based on End-Users, the market is segmented by Food and Beverage, Industrial Packaging, Consumer Goods, and Pharmaceuticals.
Food and Beverage dominated the market and is expected to register a CAGR of 6.3% over the forecasted period.
The Asia Pacific stretch and shrink wrap market based on the country is segmented by China, India, Japan, Southeast Asia, Australia, and the Rest of Asia Pacific. China dominates the country market and is expected to grow at a CAGR of 6.0% during the forecast period.
Due to the region's changing lifestyle and the rising number of people diagnosed with ailments like cancer and heart issues, the pharmaceutical business has flourished recently and has acquired prominence. As a result, healthcare costs have increased throughout Asia and the Pacific. The International Trade Administration reported that China's total public and private healthcare spending hit USD 948 billion in 2019 and is projected to nearly quadruple to USD 2 trillion by 2030. The country's pharmaceutical industry is anticipated to grow due to these factors, which will increase demand for the stretch and shrink films used in transporting goods and supply chains.
The Japanese pharmaceutical business offers several competitive advantages, including high-quality products and drug research and development. Every citizen in Japan is expected to enroll in the National Health Insurance (NHI) program, and the government covers the vast majority of medical expenses. To reduce pharmaceutical spending, the government has launched several programs that promote low-cost generic medications, self-management of chronic disease, and preventative treatment. Such actions are anticipated to increase pharmaceutical output in the nation, which will help the market for stretch and shrink films.
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